Cabinet approves MoU between ICAI and CAAR of Azerbaijan

New Delhi, Sep 08: The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the for signing Memorandum of Understanding between The Institute of Chartered Accountants of India (ICAI) & The Chamber of Auditors of the Republic of Azerbaijan (CAAR).

The signing of Memorandum of Understanding between (ICAI) and The Chamber of Auditors of the Republic of Azerbaijan (CAAR) would help in establishing the Mutual Co­operation in the areas of Member Management, Professional Ethics, Technical Research, CPD, Professional Accountancy Training, Audit Quality Monitoring, Advancement of Accounting Knowledge, Professional and Intellectual Development.

Implementation Strategy and Targets:

Both ICAI and CAAR intend to strengthen cooperation in the areas of training of audit, finance and accounting professionals. ICAI and CAAR intend to exchange books, magazines and other publications published by professional organizations, mutual publication of articles on audit and accounting in the magazines and on the websites of Parties, conducting and financing joint conferences, symposiums, round tables, trainings on the development of audit, finance and accounting. ICAI and CAAR also intend to undertake study on application of new innovative methods in the field of audit and accounting including application of blockchain, smart contract system, transition from Traditional Accounting to Cloud Accounting and also intend to have joint cooperation in the fight against corruption and money laundering.

Impact:

ICAI members are holding middle to top level positions in various organisations across the countries and can influence the decision/policy making strategies of respective organisations of a country. This MoU will lead to focus attention towards exchange of knowledge and strengthen best practices in both jurisdictions including application of new innovative methods and technologies in the field of accountancy.

Benefits:

ICAI through its vast network of Chapters and Representative Offices in 69 cities of 45 countries of the world is committed to play an important role by sharing the prevalent practices in these countries so that the Government of India can adopt the best practices being followed there to attract foreign investment and to encourage them to establish their setup in India. With this MoU, ICAI would be able to strengthen the partnership with Azerbaijan by providing the export of services in accountancy profession.

Background:

The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountants in India.

ICAI has contributed immensely in the field of education, professional development, maintenance of high accounting, auditing and ethical standards in furtherance of the profession of Chartered Accountants, which is recognised globally. The Chamber of Auditors of the Republic of Azerbaijan (CAAR) was established in accordance with the Law on Audit of 1994 as amended in 2004 to regulate the audit profession in the Republic of Azerbaijan.

Highlights of the Cabinet meeting:

• Cabinet has given its approval to PLI Scheme worth Rs 10,683 crore package in textile. The package has been approved for 10 different products for a period of five years. The PLI scheme will provide direct benefit to over 7.5 lakh people
• Scheme will pave the way for participation of women in large numbers
• Priorities to be given to those companies setting up units in aspirational districts. Scheme will positively impact especially States like Gujarat, UP, Maharashtra, Tamil Nadu, Punjab, AP, Telangana, Odisha etc.
• Two category identified for PLI Scheme in textile: a) investment upto 100 crore investment upto 300 crore
• India is now the second largest maker of PPE. The government is committed towards the textile sector and is holding continued deliberations with stakeholders.
• India is also working on Free Trade Agreements (FTAs) with Western countries like the UK, EU and the UAE.
• Union Cabinet approves MSP for rabi crore for marketing season 2022-23
• Union Cabinet approves highest ever fair and remunerative price of Rs 290/quintal for sugarcane farmers.